(iv) Notification of the Management Representative. Should any Lender decline to provide any increase in its Commitment, the Seller shall have the right (but not the obligation) to (1) seek a Second Warehouse Facility at any time thereafter, (2) sign and close on such Second Warehouse Facility, offered, that no Default or Event of Default has occurred and is continuing hereunder on the date of such signing and closing and (3) draw upon such Second Warehouse Facility at any time and from time to time, provided, that upon the first such draw, the Total Utilization of Commitments is equal to the Commitments of all Lenders and there exists no Default or Event of Default. At the option of the Administrative Agent, if an Obligor under a Pledged Lease is a party to another Lease that is not a Pledged Lease, Seller shall have the right repurchase the applicable Pledged Lease from Intermediate Seller (and Intermediate Seller shall have the corresponding right to repurchase such Pledged Lease from the Company), provided, that no Event of Default shall result from such repurchase. The repurchase price for such Pledged Lease shall be the greater of (a) the Amortized Order https://paydayloanscolorado.org/cities/windsor/ Value for such Lease and (b) any amounts necessary to cure any then existing Borrowing Base Deficiency. In connection therewith, Administrative Agent on behalf of the Lenders will promptly release any Lien on such Pledged Lease and the proceeds thereof so repurchased.
For each Bank shall manage into the internal info an account otherwise account evidencing the newest Debt of Business to help you such as for instance Lender, such as the degrees of brand new Loans created by they each installment and you may prepayment in respect thereof
(v) Conditions to help you Capabilities off Increase. As a condition precedent to each such increase, Company shall deliver to the Administrative Agent and each Lender, a certificate of the Secretary or Assistant Secretary of each of Company and the Seller, dated as of the Commitment Increase Effective Date, (i) certifying and attaching (x) the resolutions of Company approving or consenting to such Commitment increase and authorizing the execution, delivery and performance by such Person of the amendment to the Agreement, and (y) all documents evidencing all other necessary corporate action and governmental approvals, if any, with respect to such Commitment increase and such amendment to the Agreement and (ii) certifying that, before and after giving effect to such increase, (x) the representations and warranties of such Company and the Seller are true and correct as of the Commitment Increase Effective Date (unless any such representation or warranty relates to a specific date, in which case, it shall be true and correct in all material respects as of such date) and (y) no Event of Default or Default exists.
dos.dos Pro-rata Shares. Every Financing is made by the lender, while doing so and proportionately on the particular Pro rata Offers, it being understood you to definitely zero Financial are going to be guilty of any default by any Bank this kind of other Lender’s obligation so you’re able to make that loan requested hereunder nor should one Commitment of every Bank end up being enhanced or diminished as a result of a default from the various other Bank this kind of almost every other Lender’s obligation and also make financing expected hereunder.
The newest Administrative Agent shall alert per Lender and Team of Administrative Agent’s and including Lender’s a reaction to for each and every consult generated hereunder, the amount of like improve (or no) additionally the relevant Union Increase Effective Day
dos.step three The means to access Proceeds. No portion of the continues of every Mortgage will be made use of in any manner which causes otherwise may cause such as for instance Financing otherwise the effective use of such as proceeds so you’re able to break Control T, Control You or Controls X of the Board away from Governors out-of the fresh new Federal Set aside System and other controls thereof or even to break the latest Change Operate.
(a) Lenders’ Proof Debt. provided, that the failure to make any such recordation, or any error in such recordation, shall not affect any Lender’s Commitments or Company’s Obligations in respect of any applicable Loans; and provided after that, in the event of any inconsistency between the Register and any Lender’s records, the recordations in the Register shall govern absent manifest error.